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PETRO-CANADA SIGNS AGREEMENT WITH SONATRACH OF ALGERIA

 CALGARY, Alberta, April 28 /PRNewswire/ -- Petro-Canada signed an agreement April 26 with the Algerian national oil company, Sonatrach, for exploration and development in the Tinrhert block in southeastern Algeria.
 The block consists of 8,195 square kilometers in the Illizi Basin in a known producing area. In the first five-year term, Petro-Canada will reprocess 2,000 kilometers of previously acquired seismic data, acquire 1,000 kilometers of new data and drill a minimum of five wells, for a total work commitment of $29 million (Cdn). The agreement has a provision for an additional five-year extension.
 "This agreement contains a unique provision allowing Petro-Canada to evaluate existing oil and gas discoveries, within the block and develop those that prove economic."
 -0- 4/28/93
 /CONTACT: Dave Hocking, Public Affairs of Petro-Canada, 403-296-8484 (Publi galement en franais)/
 (PCA.)


CO: Petro-Canada; Sonatrach ST: Alberta IN: OIL SU:

LS -- LA049 -- 2269 04/28/93 16:39 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
Words:153
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